ElevenLabs has closed a $300 million employee tender offer at a $22 billion valuation, double the $11 billion valuation of its February funding round. Wellington and T. Rowe Price co-led the transaction. Employees could sell part of their vested equity to investors, according to TechCrunch.
The voice AI company’s September 30 announcement ties the valuation increase to demand for its conversational agents. The tender gives employees cash for existing shares, while February’s round raised $500 million for the company.
A second employee share sale
This is ElevenLabs’ second employee tender. TechCrunch reports that its September 2025 transaction totaled $100 million at a $6.6 billion valuation. The outlet describes employee liquidity as a retention tool among fast-growing AI startups.
ElevenLabs says EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD invested in the company for the first time through the latest tender. Existing investors also participated. The company says it now has more than 800 employees and intends to offer regular opportunities to sell shares.
Enterprise agents account for more of the business
ElevenLabs says enterprise customers now account for 55% of its revenue. Its ElevenAgents platform connects conversational agents to organizations’ knowledge and systems for tasks such as support and sales.
The company reports that its agents handle more than 15 million conversations a week, three times the volume in February. It says ElevenAgents’ annual recurring revenue has grown more than threefold over the same period. Those are company-reported figures, and the announcement gives no dollar amount for that product’s annual recurring revenue.
